Thursday, February 25, 2021

SingularityNET Commences Its Second Phase of Migration from Ethereum to Cardano

SingularityNET (AGI), an Artificial Intelligence (AI) solution built on Ethereum blockchain has reportedly started its migration to Cardano.

This initiative was first announced in early October 2020. According to a report, the community of the Artificial intelligence solution has voted to migrate the AGI token on the Cardano blockchain.

SingularityNET, an AI solution with a decentralized protocol that hosts AI agents with simple tasks, including image processing, time-lapse analysis, and data analytics.

Read Also: Charles Hoskinson Explains Why Cardano Is Better Designed Than Buterin’s Ethereum 2.0

According to Ben Goertzel, founder and CEO of SingularityNET, in a recent video, Cardano is a blockchain that is superior to Ethereum. The voting process lasted for four days and gained the support of Goertzel.

Eventually, there were 187 million votes in favor of the proposal to migrate, while 20 million votes against the initiative.

As a result of the obvious endorsement through the voting process, Goertzel appreciated the community for their participation:

“We really feel that this proposal is the best way to work towards our mission of decentralized general intelligence that can deliver benefits…

“Many thanks to everyone who paid attention to this vote and took the time to understand what we are talking about. We are excited that we can move at a faster pace with the incredible support of the community.”

SingularityNET’s Advancement with Cardano

As part of the migration, 1 billion AGI tokens will be created on the Cardano blockchain. The tokens will be issued gradually over a monthly period at a decreasing rate. The first issuance will consist of 15 million AGI, while the issuance rate will be reduced by 1.5% during the process.

Read Also: Cardano’s Goguen Era Progresses to Its Full Implementation with This Development Update

In total, the issuance will take 91 years to complete. Goertzel hopes that “more resources can be allocated to help develop” the platform. The next step will be to strengthen SingularityNET’s decentralized governance model, Goertzel added:

“I am very excited about the next phase of SingularityNET. I am grateful to Charles Hoskinson and the entire Cardano community for their collaboration. I consider it critical. The Cardano team and its community will be valuable allies in our next goal.”


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Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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